Dow Ends Higher for First Time This Week

10/12/2012 5:07PM

The Dow Jones Industrial Average squeezed out a tiny advance to wrap up a tough week for the stock market, as worries about bank profits balanced off against a jump in consumer sentiment. Jonathan Cheng has details on The News Hub. (Photo: Reuters)

This transcript has been automatically generated and may not be 100% accurate.

... the the ... now ... it were a week this week will make it wanted a positive just want a lean ... away ... will tell you ... right now ... right now on the New Saab good afternoon and welcome I'm Simon Constable to ... tell us all about the stock market ... huge losses for banks with fishing courses to bring mass Eva ... so I'm unable to the Big Board Mandell gives a clue as to what went on ... down actually ended higher but only just to know why that's my points ... oh my goodness ... oh my goodness it's been a rough week and even ... an investment ... that's right that that we've lost about two percent and change and large that's because we've ever had sex losses for the Nasdaq as well that's right and I guess what one game for the one and this is been some somewhat different to what's been going on to summon up for its yellow bird this is the beginning of third-quarter earnings season we've had alot companies lot Coming said a few companies that have come out and said ... things are ... not that great ... secondly the looking for that is that right ... because what what would you have a push to have you have companies talking about how profits when they get square of the band ... while this is one of the one that fails to cut the outlook and that's what we're starting to see some concerns the sauce from ... a ... solo Cup is the Chevron we saw from Alcoa and today we heard about it from two banks ... a JPMorgan reported and the report was actually quite strong but the was ... up ... sort of the opposite of silver lining though the line the love ... of Dell their menu typically from Wells Fargo Telstra reported ... a basically the margins are under pressure ... and even people who were happy about ... JPMorgan numbers were saying a lot of the reasons they were reporting the numbers were were or ... what sort of things for the long term things look a little ... less is interesting that margins are under pressure because they get money for for a time and right downtown and will the ages of three percent in the ... prison was built by ... gold's of those mortgages so I guess the common money now maybe they really having a tough time of it so when ... it's finally gone ... into the mind also that housing is improving as well which should be ... a headwind in of the other thing to keep in mind is that banks also come up quite a bit and expectations of a quite high so ... what you may be seen here simply ... or the paring back of of reality here for the patients and on ... the front so we'll have them so now we've also seen most the way we seen aam on the gold and oil in a sideways trend I'm just putting off moving a heckuva lot to ... dress thing ... is that this or that that that does like doesn't want this complex of the moment ... yet think there's there's certainly questions about ... you know the industrial metals here in the future growth as well as ... um ... you know we have with oil we have concerns too about ... the Middle East and we saw ... some geopolitical wins this past week which have ... sent oil up so well was up two percent this week Devon which is ... which is in a hectic days in a minute and this I am a week and that is about ninety two bucks a barrel as the West Texas Intermediate which is the Midwest benchmark with a seminal piece to ... price cause of the high cost Brent crude ... on which restores them six of them right now says they are quite quite a bit more ... what are we looking forward to next week ... well I mean I think we're going to get ... the whole lack of earnings I think that's can continue to be the focus of him in the early days to get a couple but ... people tend to be the little too much into these because it's all we have but ... as be given to the falls weren't been here for banks within hear from someone Duster companies ... that's really what would be looking for here because ... the economy right now I think we've all come to the conclusion that it's getting moderately better ... see housing unproven we saw this morning consumer confidence at a five-year high ... the top of the stock market to come in the five year High because I'm now without was good it was unexpectedly good here aam ... and yet when I look back on a very very long time shots aam if you go back to nineteen ninety six it's a it's still not even as good as what it was the meantime there's the money sex or just before the Great Recession ... so yes it's that stuff ... is that I mean is it but ... but it's still unknown when you're is the tightest of it and you could say exactly the same thing that you just read about the housing market now it's getting better ... but it's nowhere near oh we use to be but ... given what we have five years ago ... for for five years ago I mean do we have a lot ... to build back from because we've we've spent a painful time should we I mean I love looking back ... it says that this lack of fashion ... but it sure we just we wanted pain all for everything every two thousandseven and decide you know what ... I was a different while at minus twelve in the nineteenth century as the orcs I mean just like what the Dolphins the half ... well I mean look through with some data points you could argue that will never give up those bubbles it doesn't seem like the button to push record for profits were actually right back to historic highs from when the stock market were at historic highs ... so there's no reason to to to the rest of the handicap on those ... things because of a presumably we ... can come back now ... the president the administration is finding it harder than ... appropriate ... initially thought but ... of progress is progress I think people are are taking I know of course ... today you really have to think earnings story ... the walk begins the consumer confidence looks like ... it was a bit of a draw ... now the was one more piece of economic did not of the day see you've written a while of this of we also had to ALM beat the federal budget coming back to two pm and I was actually a ... seemingly okay right ... yet I and and that does not really much of a market mover I mean at this point that the easiest rather than established but ... yes it something that we can have as well ... and Dom ... I think it you know it's a it's part of the bigger picture here as ... part of the bigger picture and won one of the blog of the one other things the politicians in utility matters ... you know to be the deficits cuz it's it's a was atop the center of Isaac ... on how to pass to be going under control quite a bit and there's that word about fiscal cliff all these things off ... very very related now we talked about aam you know that that ... the economy growing ... slowly ... easy Guinea get to the point where actually stopped reading would ... really and helps us to the people of being ... born in entering the labor force us the question right and of course the tensions that we've seen over the past two years is that ... earnings have been so strong company that's part of the reason why the stock market has gotten so Wells has in addition to the Federal Reserve and other things ... but companies have been able to post these profits in part because they haven't been spending as much ... pain employees said and that means that ... unemployment is still to be a problem ... and there is a bit of a trade off there that we've seen and ... what we get the stock market was further loosen the real world spots ... maybe the balance tips again will see but some ... milk on this will will let let's let's also a great great Sokol will is love love deep dive on the good of a job